Calls to 03 numbers are charged at your operator’s standard rate. This is the official helpline for all Corporation tax enquiries.
Corporation tax is a required payment made by all limited companies operating within the UK. The regulation and collection of this payment are through HM Revenue and Customs who handle most of the tax responsibilities in the UK. You will not receive a bill if you owe corporation tax, instead it’s important to keep on top of your finances and work out if you are required to pay.
For any general enquires, more information, or how to work out the amount you owe, contact HMRC corporation tax office to get your questions answered. This fast and direct telephone number will put you through to an advisor who will be able to help.
To get help with any specific or complex corporation tax enquiries, you can find a dedicated accountant either locally, online or by telephone.
Get in touch with HMRC by phone:
0300 200 3410
Or if you are calling from outside of the country then this is the number to call:
+44 151 268 0571
If you are calling to discuss your payment or would like to speak to someone about your company’s corporation tax, then you will need your 10 digit unique tax reference at hand before you call. You can find this 10 digit code on any letters sent from HMRC and from your online account. Lines are open from 8am to 6pm, Monday to Friday and are closed over the weekend.
You can contact HM Revenue and Customs by post for general enquires about corporation tax. You will need to put your 10 digit unique tax reference number on your letter. If you are replying to a specific letter that was sent to you, then it’s important to send any post using that address. Alternatively, you can write to HMRC corporation tax department on:
Corporation Tax Services
HM Revenue and Customs
Any business that is operating within the UK, or has a branch in the UK, must pay corporation tax on any profits made. Not all businesses are required to pay corporation tax, only companies that are a limited company, any foreign company that has a branch or office in the UK or a club, co-operative or unincorporated association, like a sports club or community group. There is no bill that is given to you with the amount of corporation tax you must pay, there are a few things that you need to do yourself to work out, pay and report the right amount of corporation tax.
What do I Pay Corporation tax on?
There are a number of different situations where you will have to pay corporation tax from your business and these are called taxable profits. You will be required to pay on:
- Trading profits
- From investment
- Chargeable gains (profit made from selling assets)
All UK companies, even if they trade abroad, will have to pay corporation tax on all its profits made within the country and abroad. Any foreign company that operates a branch or office in the UK will also have to pay corporation tax on profits made within the UK.
You will not be issued with a bill at the end of the tax year, stating how much corporation tax your company has to pay. There are a few things that you need to do yourself to manage your corporation tax and company accounts:
- Firstly, you need to register your business the second you start operating within the UK. Or restart a dormant business and get in touch with HMRC to let them know the business is operating once again. If you are operating as an association, like a sports club or community group, then you must write to Revenue and Customs using the address above.
- From day one of your business, it’s important to keep an accounting record so you know how much corporation tax you must pay. You should also prepare your company tax returns to work out how much you should pay.
- Next, you will need to pay your corporation tax or let HMRC know if you have nothing to pay for that year. This needs to be done by the end of your accounting year, usually 9 months and one day after the end of your accounting year. It’s important to check your personal deadline to ensure you do not miss a payment.
- Then you will need to file your company tax return by your own personal deadline. This is usually 12 months after the end of your accounting period.
If you have any questions regarding your corporation tax, or how to work out your payment for the year, then call the corporation tax contact number where an advisor will be able to help and answer any questions.
Pay corporation tax in a number of ways to suit your business. It is possible to pay for your corporation tax using your credit or debit card, online, at your bank or building society or at the post office.
Deadlines for this payment vary depending on your taxable profits and payment method. If you are paying taxable profits of up to £1.5 million, then you will need to pay corporation tax 9 months and one day after the end of your accounting period. This is usually the end of your financial year but you should check the year you set up your business. Any taxable profits of more than £1.5 million must pay your corporation tax in smaller installments.
It’s important to pay corporation tax before your own personal deadline otherwise you may be hit with interest charges by HMRC. If you can pay your corporation tax early then HMRC will pay you interest on your payment.
How do I Pay Corporation Tax?
Payment methods vary and the time it takes to reach HMRC should be taken into account when paying corporation tax. Online or telephone banking tend to go through on the same day they are paid. Methods that take around 3 working days to clear are Bacs, Direct Debit (if it has been set up already), by debit or credit card, through your bank or building society and at the Post Office. If you haven’t already set up your Direct Debit payment to HMRC, you need to allow for around 5 working days for your payment to clear. If your deadline falls on a weekend or bank holiday then it is your responsibility to ensure the payment reaches HMRC on the last working day before your deadline.
The corporation tax rate for a company’s profit is 20%. This rate tends to stay around the same amount, depending on how much profit your company earns. Corporation tax is paid at the same rate that applied to your company within that accounting year.
Allowances and relief are available in certain circumstances when working out the amount of corporation tax for your company. You can deduct the running costs of your business from corporation tax when you prepare your companies accounts. Anything that you or your employees have personal use from, must been seen as a benefit rather than a running cost of the business.
Capital Allowance is not part of your profits. These include property that you use within your business, like machinery or equipment.
Marginal relief can be claimed by companies that had profits between £30,000 and £1.5 million that were either before 1st April 2015 or from oil extraction within the UK or the continental shelf.
Contact HMRC for all enquiries regarding corporation tax, reporting or payments. The telephone number above will put you directly through with an advisor who will be happy to help answer any questions you may have regarding corporation tax.